Germany’s import prices rose 8.3% year-on-year in August 2026, accelerating from 6.8% in July and exceeding the 8% market expectation. The increase was the strongest since December 2022, driven primarily by energy costs, which climbed 43% amid the war in the Middle East. Electricity prices surged 63.9%, petroleum products rose 63.3%, natural gas increased 41.9%, crude oil gained 32.0% and hard coal advanced 18.3%. Prices for imported intermediate goods rose 11%, led by higher costs for non-ferrous metals and related semi-finished products. Imported agricultural goods fell 2.4%, while consumer goods declined 0.5%. On a monthly basis, import prices increased 1%, up from 0.2% in July, above the 0.7% forecast and the strongest reading since April. Export prices rose 4.7% year-on-year, their largest annual increase since February 2023, and gained 0.4% from July. Energy export prices climbed 44.1%, while exported intermediate goods rose 7%. Intermediate and capital goods together accounted for nearly 75% of Germany’s goods exports.